MILTON, ON-The newly public Huntingdon REIT has agreed to acquire an industrial property here for $9 million. The fully leased 292,376-sf building is located at 650 Riverview Dr, within the Bloomfield Industrial Park. The acquisition is expected to close next month.The newer industrial building sits on 33 acres and is 75% leased by International Truck and Engine, the truck-manufacturing subsidiary of publicly held Navistar International Corp. The lease runs through June 2009, not including multiple renewal options. Company spokesman Gino Romagnoli tells the purchase price equates to a per-sf price of $31 and a first-year cap rate that is “better than 10%.” Winnipeg, MB-based HREIT was listed on the Toronto Stock Exchange in February. Since that time it has raised $41 million of equity and is in the process of raising an additional $20 million, says Romagnoli. Initially, the company’s goal was to acquire $50 million of assets. The company now expects to acquire “well over $100 million” of assets and probably close to $200 million, says Romagnoli. HREIT’s equity partners are Soundvest Capital Management out of Ottowa and Mavrix of Toronto, he says.

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